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As on: Sep 16, 2019 06:32 PM
Precious Metals Preview: COMEX Gold Holds Near Recent High On Tepid US Inflationary Data
13-Jun-19   09:09 Hrs IST

COMEX Gold stayed supported just under three and half month high on hopes of a rate cut from the US Fed on tepid inflationary reading. Broad worries over US-China trade spat lingered around. Media reports are indicating good demand in China though fun buying in global futures market is slightly thin after recent run up in the prices. The metal currently trades at $1338 per ounce, up marginally on the day after rising to a high of $1342 per ounce yesterday. MCX Gold futures ended up 0.34% at Rs 32740 per 10 grams in last session.

The US Labor Department reported a modest increase in US consumer prices in May. The report also showed a slowdown in the annual rate of consumer price growth, triggering further expectations that the Federal Reserve will cut interest rates in the near future. The US consumer price index edged up by 0.1% in May after rising by 0.3% in April. Excluding food and energy prices, core consumer prices also edged up by 0.1% for the fourth consecutive month. However, on annual basis, headline index rose by 1.8% year-over-year in May compared to the 2% increase in April. The core consumer price growth also slowed to 2% annually in May from 2.1% in the previous month.

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